They don't need to though do they? The amount of money paid across in mortgages far exceeds what you pay for a car over the time.
I am glad that there are companies around like this who are willing to take a chance on those of us with a less than perfect credit rating.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I second Jan, the rates may be high but if they didn't exist how would people ever get back into mainstream lending. To some people a car is absolutely essential and if your old one dies what else can you do. At least they provide a service.
"Just when you think that you can make ends meet, somebody moves the ends."
Agreed - you know you will be able to get a car even if it is a bit more expensive than a mainstream garage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm also glad there are companies like this. Luckily my car is newish but I know I wouldn't be able to replace it with a mainstream lender until the BR drops off my credit file.
I wish I had known of that kind of place last year, although only in my IVA since March, I had to pay for a new ( well second hand) car last October and couldn't get a loan etc. I ended up asking my parents to lend me £1500 to buy it - only just paid the last payment to them now. But have since forked out over £600 in repairs!
Susie
x
IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
Old cars seem to me a false economy and the cost of a car lease probably isn't outrageous when you think of all the repairs, fuel inefficiency, MOT, servicing etc... I have an old car which scraped through it's MOT but has a long list of advisable which will need doing this year...money money money!!!
The only problem with companies like Moneybarn is that they do require a decent deposit upfront.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've always sung Dunctons praises, however I am finding as time goes by, we may have entered into the lease without being told the full facts.
We were told there would be a free upgrade after 2 years - therefore always leasing a car less than 3 years old, no MOT and importantly covered by manufacturers warranty. We were also led to believe any maintenance ( other than wear & tear) would be covered by the lease agreement.
Alas, this is not so!!!
To upgrade the car, we would have been expected to pay the deposit sum again - a figure in the region of £1000. So, we couldn;t afford to do it and have ended up leasing a car that now requires an MOT and still at the same monthly price as a newer car.
Today, the car has warning lights flashing and Duncton - now Monetbarn, have advised WE are responsible for all maintenance costs! So, yikes!! We have to pay £300 a month to lease a car and pay all costs.
I have complained as this we were always led to believe we paid for tyres, mot and general wear & tear, NOT all maintenance.
All in all, I would not recommend this company and cannot wait for the lease to end.
Hmm -- not good Julie. I assume you have gone over the paperwork with a fine toothed comb.
Peugeots latest deal, where you literally just add petrol seems a good one ... as you never own the car I wonder if they would accept those in an IVA -- I might make some enquiries in that direction.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have an email that confirms the upgrade was free, but couldn't get Dunctons to agree with it. I have also asked them to point out where in the contract it states we are responsible for maintenance. I am awaiting their reply.
Luckily, I have been able to borrow a company car, so hubby can use mine for a few days. Should find out tomorrow the cost of repair [:(]
I swapped my ageing VW golf for a nearly new focus from ford direct as a celebration at ending my IVA. I had the extra monthly money and asked my dad if I could borrow the money from him. He bought he car for me and said he didn't want anything for it. So far it's broken down three times in two months, every time ford have argued that the repairs aren't totally covered by warranty. Today I had to pay £107 for vehicle diagnostics. I refused to pay as they didn't tell me the cost before doing the work but if you don't pay you don't get the car back. Complained to ford and they offered me my next service free which is worth more.
What I really would like is my old golf back. It never let me down in over 12 years! I guess if you find a car that's a good runner then you shouldn't be so tempted to let it go. I regret changing it, newer isn't always better.
"Just when you think that you can make ends meet, somebody moves the ends."
I can't criticise Fords, I love them whereas the Golf I had was one of the worst cars I've ever driven - heavy as no power steering, drank petrol, faulty sun roof, spongey brakes and sooooo expensive to repair!
I've got a Fiesta at the moment and I love it - nippy, cheap to run and cheap to repair.
I guess we all have our preferred brands. I think when you get a dud, you get a dud. Doesn't matter who made it! Why can't car ownership be less stressful?
"Just when you think that you can make ends meet, somebody moves the ends."
It didn't help that the idiots at VW treated me as though I was born yesterday - I may be a woman but even I know that a sun roof that doesn't shut properly is faulty and not designed like that to improve the aerodynamics!
If I have another Golf (and I haven't ruled it out) it won't be from a main dealer!
